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GLOBAL MICROGRID MARKET FORECAST 2019-2027

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GLOBAL MICROGRID MARKET FORECAST 2019-2027

A microgrid is a localized group of electricity sources and loads that normally operates connected to and synchronous with the traditional wide area synchronous grid (macrogrid), but can also disconnect and function autonomously as physical and economic conditions dictate. The microgrid market is estimated to grow from $XX million in 2018 to $54,544 million by 2027 at a CAGR of 11.38% between 2019 and 2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027.

GLOBAL MICROGRID MARKET FORECAST 2019-2027

Global Microgrid Market  by Offerings (Hardware, Software, Services) by Types (Grid Connected, Remote/island/off-grid) by Consumption Patterns (Semi-urban, Urban/metropolitan, Rural/island)  by Verticals (Industrial, Healthcare, Education, Military, Government & Utilities, Others) by Geography.

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A microgrid is a localized group of electricity sources and loads that normally operates connected to and synchronous with the traditional wide area synchronous grid (macrogrid), but can also disconnect and function autonomously as physical and economic conditions dictate. In this way, a microgrid can effectively integrate various sources of distributed generation (DG), especially renewable energy sources (RES), and can supply emergency power, changing between an island and connected modes. Control and protection of power pose a few challenging points for the microgrids.

The microgrid market is estimated to grow from $20918 million in 2018 to $54,544 million by 2027 at a CAGR of 11.38% between 2019-2027. The base year considered for the study is 2018 and the estimated period is between 2019-2027. The key factors that are responsible for the market advancement are:

  • Increase in demand for electricity worldwide
  • Investments in clean energy are rising rapidly
  • The rapid increase in demand for clean energy storage systems

However, the market is primarily driven by an increase in demand for electricity worldwide. The increasing demand for power is fueling up the capacity addition of renewable energy resulting in increased adoption of the microgrids globally. According to the International Energy Agency, electricity consumption would observe a XX% rise from 2016 to 2040. Hence, global electricity demand is also estimated to increase till 2040. China is expected to record the highest electricity demand until 2040, as the electricity demand in 2016 remained at XX Terawatt-hour (TWh) that would further increase to XX TWh till 2040. Also, according to the U.S. Department of Energy, the electricity demand in the United States is projected to grow by approximately XX% by 2030.

In terms of verticals segment, the healthcare segment leads the market in terms of revenue with around XX% market share in 2018. The healthcare industry is comprising of hospitals deploying microgrid to provide power backup in case of power cut particularly for the operation theatres in hospitals. Microgrids integrate energy generation, energy storage systems and offer controls of on-site power generation that provide electricity, cooling, and heat with exceptional advantages to the healthcare facilities. These advantages include highly efficient power quality, greater reliability towards electric services, sustainable power generating capabilities and low operating and life-cycle owning costs. The rising number of power outages in the firms across the globes has substantially surged the demand for reliable power sourcing and distributing infrastructures such as microgrid within the sensitive sectors such as healthcare.

Microgrid market is also facing some challenges. For instance, the high cost of maintenance & installation hinders the usage of microgrids. The stringent policies, regulations, and standards related to microgrids across the world, difficulties in planning, designing and implementation of a large size microgrid & lack of training are also posing major barriers for the long-term sustainability of microgrids. High installation and maintenance cost of the microgrids is the point of concern. The overall cost of microgrids tends to increase due to the various components such as distribution, generation systems, loads, storage devices & common couplers, etc. come into practical effect.

Furthermore, for installing microgrids within any given area, it is of utmost importance to consider various factors such as load profile, renewable source availability, distribution network lines, communication and control systems, etc. Hence, the cost of microgrids along with such factors turns out to be very high at the point of installation. A large size microgrid is highly complex as it usually involves multiple technologies, numerous architecture, and topologies such as energy sources, energy converters, energy storage units, temporal coupling, etc.

The report on the global microgrid market includes segmentation on the basis of offerings, types, consumption patterns and verticals.

Offerings is sub-segmented into:

  • Hardware
  • Software
  • Services

Type is sub-segmented into:

  • Grid connected
  • Remote/Island/Off-Grid

Consumption Pattern is sub-segmented into:

  • Semi-Urban
  • Urban/Metropolitan
  • Rural/Island

Vertical is sub-segmented into:

  • Industrial
  • Healthcare
  • Education
  • Military
  • Government & utilities
  • Others

Geographically, the global microgrid market has been segmented on the basis of four major regions, which includes:

The regional paradigm of microgrid market is dominated by North America region by capturing the largest market share in terms of revenue of XX% in 2018. North America microgrid has its applications in verticals primarily in government & utilities, military, healthcare, education, industrial and others. North America microgrid market is expected to be on surging trend owing government grants to advance microgrid projects along with the government efforts to develop renewable microgrids for the military sector.

Moreover, government investments supporting the development of the new microgrid platform is also expected to boost the growth of the microgrid market in North America. Department of Commerce has finalized grants with two Washington state utilities to innovate the work on the electricity “microgrid” projects further. Also, the Snohomish County Public Utility District and Spokane-based private utility Avista, both were awarded $3.5 million grant from the Washington Clean Energy Fund. Through this funding, Snohomish County Public Utility District (SnoPUD) aims to build a Clean Energy Technology Center in Arlington.

On the flip side, the Asia Pacific region is expected to surge with the fastest growth rate during the forecasted period. The Asia Pacific is witnessing extensive investments in microgrids, both from the regulatory bodies and the companies. The regulatory bodies of every Asia Pacific country have set some specific targets to improve the rural electrification, grid reliability, and energy security. Owing to the different dynamics of every Asia Pacific country, the need for microgrid projects varies. These dynamics act as a driver for microgrid in that particular country.

As per the Osaka University, China’s National Energy Administration announced that approximately twenty-eight new microgrid projects would be constructed in the coming years. Also, the Chinese government has invested $XX million in promoting microgrid projects in China for the integrated utilization of multi-carrier distributed energy system.

The market has a number of players, and some of the key players involved in Microgrid Market are:

  • ABB Ltd.
  • Duke Energy Corporation
  • General Electric
  • Schneider Electric
  • Siemens AG
  • Others

Market share analysis along with company profiles of the prominent market players are discussed in detail. Most of the companies are looking for strategies such as merger & acquisition, partnership, contracts, agreements, new product launch, to gain a competitive edge over other companies. In April 2018, ABB Ltd., the power and automation group, had deployed its microgrid with large battery energy storage in Australia. It includes a 30 MW battery energy storage system to be deployed in a gas-fired power plant. This installation is going to increase revenue for the organization.

Also, in September 2018, GE announced the signing of an alliance agreement to pursue joint development and implementation opportunities for electric grid software in North America. This unique partnership bridges information technology and operational technology (OT) in the utility industry. General Electric and CGI Corp. will focus on real-time grid operations and controls, critical infrastructure and cybersecurity. Grid control is becoming an increasing priority among operators in response to evolving energy needs, including increased renewable generation. As a result, utilities around the world are seeking to modernize, integrate and secure their grid control systems.

Key findings of the global microgrid market:

  • Regulations on greenhouse gas emission across the world
  • Benefits of using microgrid technology
  • Collaborations for enhancements in Microgrid technology
  • Government & utilities segment witness the robust growth
  • India is an evolving center for microgrids
  • Usage of microgrids in hospitals
  • Investments in microgrids
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • REGULATIONS ON GREENHOUSE GAS EMISSION ACROSS THE WORLD
      • BENEFITS OF USING MICROGRID TECHNOLOGY
      • COLLABORATIONS FOR ENHANCEMENTS IN MICROGRID TECHNOLOGY
      • GOVERNMENT & UTILITIES SEGMENT WITNESS THE ROBUST GROWTH
      • INDIA IS AN EVOLVING CENTER FOR MICROGRIDS
      • USAGE OF MICROGRIDS IN HOSPITALS
      • INVESTMENTS IN MICROGRIDS
  1. MARKET DYNAMICS
    • ETYMOLOGY OF MICROGRID MARKET
    • MARKET SCOPE & DEFINITION
    • MARKET DRIVERS
      • INCREASE IN DEMAND FOR ELECTRICITY WORLDWIDE
      • INVESTMENTS IN CLEAN ENERGY IS RISING RAPIDLY
      • RAPID INCREASE IN DEMAND OF CLEAN ENERGY STORAGE SYSTEMS
    • MARKET RESTRAINTS
      • HIGH COST OF MAINTENANCE & INSTALLATION HINDERS THE USAGE OF MICROGRIDS
      • STRINGENT POLICIES, REGULATIONS, AND STANDARDS RELATED TO MICROGRIDS ACROSS THE WORLD
    • MARKET OPPORTUNITIES
      • USAGE OF INTERNET OF THINGS IN MICROGRIDS
      • INCREASING ELECTRIFICATION PROJECTS ACROSS EMERGING ECONOMIES
      • SMART CITY INITIATIVES
    • MARKET CHALLENGES
      • DIFFICULTIES IN PLANNING, DESIGNING, AND IMPLEMENTATION OF A LARGE SIZE MICROGRID
      • LACK OF TRAINING IS A MAJOR BARRIERS FOR THE LONG-TERM SUSTAINABILITY OF MICROGRIDS
  1. MARKET BY OFFERINGS
    • HARDWARE
    • SOFTWARE
    • SERVICES
  2. MARKET BY TYPES
    • GRID CONNECTED
    • REMOTE/ISLAND/OFF-GRID
  3. MARKET BY CONSUMPTION PATTERNS
    • SEMI-URBAN
    • URBAN/METROPOLITAN
    • RURAL/ISLAND
  4. MARKET BY VERTICALS
    • INDUSTRIAL
    • HEALTHCARE
    • EDUCATION
    • MILITARY
    • GOVERNMENT & UTILITIES
    • OTHERS
  5. KEY ANALYTICS
    • PORTER’S FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • THREAT OF COMPETITIVE RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
      • LEGAL, POLICY & REGULATORY FRAMEWORK
  1. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • FRANCE
      • ITALY
      • RUSSIA
      • SPAIN
      • GERMANY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • JAPAN
      • AUSTRALIA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPETITIVE LANDSCAPE
    • KEY COMPANY ANALYSIS
      • GE ELECTRIC
      • SIEMENS AG
      • EATON
      • ABB LTD.
      • SCHNEIDER ELECTRIC
    • COMPANY PROFILES
      • ABB LTD.
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • DUKE ENERGY CORPORATION
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • EATON CORPORATION PLC
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • EXELON CORPORATION
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • FAIRBANKS MORSE
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • GENERAL ELECTRIC
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • HITACHI LTD.
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • SCHNEIDER ELECTRIC
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • SIEMENS AG
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • NATIONAL GRID
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • FUELCELL ENERGY INC.
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • NRG ENERGY INC.
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • POWER ENGINEERS INCORPORATED
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • PRINCETON POWER SYSTEMS
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS
      • S&C ELECTRIC COMPANY
        • OVERVIEW
        • PRODUCT PORTFOLIO
        • STRATEGIC INITIATIVES
        • SCOT ANALYSIS

LIST OF TABLES

TABLE 1. GLOBAL MICROGRID MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 2. GLOBAL MICROGRID MARKET, BY OFFERINGS, 2019-2027 (IN $ MILLION)

TABLE 3. GLOBAL HARDWARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 4. GLOBAL SOFTWARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 5. GLOBAL SERVICES MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 6. GLOBAL MICROGRID MARKET, BY TYPES, 2019-2027 (IN $ MILLION)

TABLE 7. GLOBAL GRID CONNECTED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 8. GLOBAL REMOTE/ISLAND/OFF-GRID MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 9. GLOBAL MICROGRID MARKET, BY CONSUMPTION PATTERNS, 2019-2027 (IN $ MILLION)

TABLE 10. GLOBAL SEMI-URBAN MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 11. GLOBAL URBAN/METROPOLITAN MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 12. GLOBAL RURAL/ISLAND MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 13. GLOBAL MICROGRID MARKET, BY VERTICALS 2019-2027 (IN $ MILLION)

TABLE 14. GLOBAL INDUSTRIAL MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 15. GLOBAL HEALTHCARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 16. GLOBAL EDUCATION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 17. GLOBAL MILITARY MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 18. GLOBAL GOVERNMENT & UTILITIES MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 19. GLOBAL OTHERS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 20. OPPORTUNITY MATRIX

TABLE 21. VENDOR LANDSCAPE

TABLE 22. LEGAL, POLICY & REGULATORY FRAMEWORK

TABLE 23. GLOBAL MICROGRID MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 24. NORTH AMERICA MICROGRID MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 25. EUROPE MICROGRID MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 26. ASIA PACIFIC MICROGRID MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 27. REST OF WORLD MICROGRID MARKET, BY REGION, 2019-2027 (IN $ MILLION)

LIST OF FIGURES

FIGURE 1. GLOBAL MICROGRID MARKET, BY VERTICALS, 2018 & 2027 (IN %)

FIGURE 2. GLOBAL MICROGRID MARKET, BY HARDWARE, 2019-2027 (IN $ MILLION)

FIGURE 3. GLOBAL MICROGRID MARKET, BY SOFTWARE, 2019-2027 (IN $ MILLION)

FIGURE 4. GLOBAL MICROGRID MARKET, BY SERVICES, 2019-2027 (IN $ MILLION)

FIGURE 5. GLOBAL MICROGRID MARKET, BY GRID CONNECTED, 2019-2027 (IN $ MILLION)

FIGURE 6. GLOBAL MICROGRID MARKET, BY REMOTE/ISLAND/OFF-GRID, 2019-2027 (IN $ MILLION)

FIGURE 7. GLOBAL MICROGRID MARKET, BY SEMI-URBAN, 2019-2027 (IN $ MILLION)

FIGURE 8. GLOBAL MICROGRID MARKET, BY URBAN/METROPOLITAN, 2019-2027 (IN $ MILLION)

FIGURE 9. GLOBAL MICROGRID MARKET, BY RURAL/ISLAND, 2019-2027 (IN $ MILLION)

FIGURE 10. GLOBAL MICROGRID MARKET, BY INDUSTRIAL, 2019-2027 (IN $ MILLION)

FIGURE 11. GLOBAL MICROGRID MARKET, BY HEALTHCARE, 2019-2027 (IN $ MILLION)

FIGURE 12. GLOBAL MICROGRID MARKET, BY EDUCATION, 2019-2027 (IN $ MILLION)

FIGURE 13. GLOBAL MICROGRID MARKET, BY MILITARY, 2019-2027 (IN $ MILLION)

FIGURE 14. GLOBAL MICROGRID MARKET, BY GOVERNMENT & UTILITIES, 2019-2027 (IN $ MILLION)

FIGURE 15. GLOBAL MICROGRID MARKET, BY OTHERS, 2019-2027 (IN $ MILLION)

FIGURE 16. PORTER’S FIVE FORCE ANALYSIS

FIGURE 17. GLOBAL MICROGRID MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 18. UNITED STATES MICROGRID MARKET, 2019-2027 (IN $ MILLION)

FIGURE 19. CANADA MICROGRID MARKET, 2019-2027 (IN $ MILLION)

FIGURE 20. UNITED KINGDOM MICROGRID MARKET, 2019-2027 (IN $ MILLION)

FIGURE 21. FRANCE MICROGRID MARKET, 2019-2027 (IN $ MILLIONS)

FIGURE 22. ITALY MICROGRID MARKET, 2019-2027 (IN $ MILLIONS)

FIGURE 23. RUSSIA MICROGRID MARKET, 2019-2027 (IN $ MILLIONS)

FIGURE 24. SPAIN MICROGRID MARKET, 2019-2027 (IN $ MILLIONS)

FIGURE 25. GERMANY MICROGRID MARKET, 2019-2027 (IN $ MILLIONS)

FIGURE 26. REST OF EUROPE MICROGRID MARKET, 2019-2027 (IN $ MILLIONS)

FIGURE 27. CHINA MICROGRID MARKET, 2019-2027 (IN $ MILLION)

FIGURE 28. INDIA MICROGRID MARKET, 2019-2027 (IN $ MILLION)

FIGURE 29. JAPAN MICROGRID MARKET, 2019-2027 (IN $ MILLION)

FIGURE 30. AUSTRALIA MICROGRID MARKET, 2019-2027 (IN $ MILLION)

FIGURE 31. SOUTH KOREA MICROGRID MARKET, 2019-2027 (IN $ MILLIONS)

FIGURE 32. REST OF ASIA PACIFIC MICROGRID MARKET, 2019-2027 (IN $ MILLION)

FIGURE 33. LATIN AMERICA MICROGRID MARKET, 2019-2027 (IN $ MILLION)

FIGURE 34. MIDDLE EAST & AFRICA MICROGRID MARKET, 2019-2027 (IN $ MILLION)

  1. MARKET BY OFFERINGS
    • HARDWARE
    • SOFTWARE
    • SERVICES
  2. MARKET BY TYPES
    • GRID CONNECTED
    • REMOTE/ISLAND/OFF-GRID
  3. MARKET BY CONSUMPTION PATTERNS
    • SEMI-URBAN
    • URBAN/METROPOLITAN
    • RURAL/ISLAND
  4. MARKET BY VERTICALS
    • INDUSTRIAL
    • HEALTHCARE
    • EDUCATION
    • MILITARY
    • GOVERNMENT & UTILITIES
    • OTHERS
  5. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • FRANCE
      • ITALY
      • RUSSIA
      • SPAIN
      • GERMANY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • JAPAN
      • AUSTRALIA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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